Consumer Information and Price Transmission: Empirical Evidence*
利用奥地利通勤数据衡量消费者信息，研究发现消费者信息越多，汽油价格对成本冲击的调整速度和传导率越高，但不影响传导的不对称性。
We investigate how consumer information affects price adjustment in the Austrian retail gasoline market. Our measure of consumer information is obtained from detailed census data on commuting behavior, as commuters can freely sample prices on their commuting route and are thus better informed about prices. A threshold error‐correction model suggests that prices adjust more quickly if cost shocks exceed certain thresholds. Parametric and semi‐parametric regressions show that a larger share of informed consumers increases both transmission speed and pass‐through rate, but has no effect on the asymmetry of cost transmission.